Question
Rocket J. Squirrel Industries (Rocky Industries) was formed on January 1, 2019. The information provided below is from Rocky's inventory records for one of its
Rocket J. Squirrel Industries (Rocky Industries) was formed on January 1, 2019. The information provided below is from Rocky's inventory records for one of its products. A physical inventory on December 31, 2019, shows 2,800 units were on hand.
a. Compute ending inventory and cost of goods sold for Rocky for 2019 using the periodic FIFO cost flow assumption. Show your work.
b. Compute ending inventory and cost of goods sold for Rocky for 2019 using the periodic LIFO cost flow assumption. Show your work.
c. Compute ending inventory and cost of goods sold for Rocky for 2019 using the periodic weighted average cost flow assumption. Show your work.
1/12/19 5/24/19 8/7/19 9/5/19 10/23/19 Cost per Units Unit Total 1,200 $ 17.50 $21,000 1,250 $ 18.30 $22,875 1,100 $ 19.10 $21,010 1,600 $ 20.35 $32,560 850 $ 20.50 $17,425 6,000 $114,870 2,800 Ending inventory (units)Step by Step Solution
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